Imports of consumer goods jumped 4.8% in January and climbed 7.8% over 12 months.

Steve Ricchiuto, chief U.S. economist at Mizuho, said estimates for first-quarter gross domestic product growth may be trimmed in the wake of the report.

The new Trump administration has focused on the trade deficit as a major political talking point. Peter Navarro, the director of the new White House National Trade Council, said the current methods “overstate exports by counting foreign-made products as U.S. exports and thus distorts bilateral trade balances.”

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